ABU DHABI (April 25, 2011) : UAE’s Etisalat, which scrapped a $12 billion take-over of Kuwait’s Zain last month, said its group chief financial officer has resigned due to personal reasons. Salem Al Sharhan will leave on May 3, the Middle East’s largest telecoms firm by value said in a statement on Sunday.
Etisalat, also known as Emirates Telecommunications Corp, said Sharhan’s replacement would be announced soon. Etisalat scrapped its offer to buy a controlling stake in Zain in March, citing Zain’s divided board, extended due diligence and regional unrest. In March, Etisalat also withdrew plans to bid for Syria’s third mobile licence, saying the terms did not offer sufficient value for shareholders.
Last week, Etisalat said first-quarter profit dropped 8.9 percent, missing forecasts.